During the development process, building a polished product quickly and cheap are priorities in constant opposition that need to be balanced effectively. The keys, as Phil Libin describes in the video below, are to understand the trade-offs and focus on the priority appropriate for the stage of the company, the market dynamics, and the goals of the product.

Phil Libin is the founder and CEO of Evernote - a service helping millions of people worldwide remember everything of value in their daily lives.

Phil is a Mentor for the Silicon Valley Founder Institute. Applications are due on Sunday June 3rd. Apply here to get expert training and feedback to launch a company in 2012.

In this talk from the Silicon Valley Founder Institute, Phil discusses an approach to product development he uses with Evernote. He explains product planning, balancing conflicting development priorities, and how to prioritize feature development.